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In the March 2015 budget, the government announced an ISA savings scheme to help first-time buyers (FTBs) in the UK save for a deposit to purchase their first home. The scheme launched on 1 December 2015.
Under this scheme, a first-time buyer can save up to £200 a month towards a deposit for their first new home in a Help to Buy ISA account. There is no minimum monthly requirement.
The government will add a bonus of 25 per cent to the FTB's savings (and any interest earned on those savings) on the purchase of a first home. The bonus is subject to a maximum of £3,000. For example, a first-time buyer who saves £12,000 will receive a bonus of £3,000 from the government. Accounts are limited to one per person rather than per home, so joint buyers can each open a Help to Buy ISA account.
The accounts operate in the same way as existing ISAs, with interest accruing on a tax-free basis. More information on how Help to Buy ISAs operate is available on the government's Help to Buy website.
This is a scheme to help first-time buyers which recognises the difficulties some are experiencing in saving for a deposit in a very low interest environment.
The Help to Buy ISA can be used in combination with other Help to Buy products
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